After years of neglect, Railway Minister proposes SPV to revamp Mumbai's ailing rail network
Nifty will move up as long it closes above 8,380 tomorrow
After the indices moved in a range on Thursday and closed marginally higher, today the indices opened with a gap and rose gradually except for a small pullback later in the session.
S&P BSE Sensex opened at 27,521 while S&P CNX Nifty opened at 8,289. Both the indices hit their respective days low almost at the same level when the sessions began. Sensex moved up to the level 27,937 while Nifty reached up to 8,411. Sensex closed at 27,888 (up 380 points or 1.38%) while Nifty closed at 8,395 (up 111 points or 1.35%). NSE recorded a volume of 82.33 crore shares. India VIX fell 8.19% to close at 13.7950.
PSU bank stocks will be in focus as the two-day brainstorming session of the finance minister, the RBI governor and chiefs of state-owned banks began today. Among other things, the meeting's agenda includes consolidation and restructuring of PSU banks for better efficiency, governance and capital efficiency. At the session's end tomorrow, a reforms blueprint for phased implementation will be presented to Prime Minister Narendra Modi.
The RBI yesterday allowed banks to use immovable and movable assets, financial securities and corporate or personal guarantees as a security to loans given through external commercial borrowings (ECBs). The change was made with a view to liberalise the option of securities, RBI said.
After market hours yesterday the government decided to increase basic excise duty on petrol and diesel (both branded and unbranded) by Rs2 per litre to build 15,000 kilometres of roads during current and next financial year.
The government yesterday also announced the setting up of NITI Aayog (National Institution for Transforming India) as replacement for the Planning Commission and said that the NITI Aayog will seek to provide a critical directional and strategic input into the development process.
Adjusted for seasonal factors, the headline HSBC India Purchasing Managers' Index (PMI) climbed to a two-year high of 54.5 in December, up from 53.3 in November.
Gujarat Pipavav (12.30%) was among the top two gainers in the ‘A’ group on the BSE.
The stock hit its new 52-week high today. It was recently in the news, as it has entered into an arrangement with NYK Auto Logistics (India) Pvt. Ltd., wherein NYK has been sub-leased land for developing a dedicated common user integrated RO-RO (roll-on/roll-off) yard at Pipavav Port. The yard is expected to be commissioned in the second quarter of 2015 and will be provided with all port and related facilities by Gujarat Pipavav Port.
Muthoot Finance (4.51%) was among the top four losers in ‘A’ group on the BSE. It is set to acquire 51% stake in Asia Asset Finance Plc, Sri Lanka. HDFC (4.30%) was the top gainer in Sensex 30 pack. All other housing finance companies were in demand too.
Mahindra & Mahindra (0.92%) was the top loser in the Sensex 30 stock. Weak December sales pulled the stock lower.
On Thursday US markets were closed for New Year's Day holiday. Except for KLSE Composite (0.48%) all the other Asian indices which were trading today closed in the green. Hang Seng (1.07%) was the top gainer. European indices were trading in the red while US Futures were trading higher.
In a rare case of a government lender going after big fish for Loan recovery, the DRT allowed LICHFL to take over Orbit's tower for recovery